Management Thoughts for Entrepreneurs

Early in their careers, Entrepreneurs often have role models that they look up to. If lucky, the role models or other influential people could become mentors to the Entrepreneur and provide guidance and counseling, as needed

As Entrepreneurs themselves become successful and mature, do they provide mentorship to others?

Besides developing their senior management team, Entrepreneurs should identify and mentor high potential individuals. This would not only give back in kind what the Entrepreneur benefited from his or her mentors, but also develop future leaders for society as a whole.

Providing mentorship is a part of “Doing the Right Things” for Entrepreneurs.

Entrepreneurs could be leaders and be popular, but it is not always possible.

Leadership is about making the optimal decisions for the company even though they might be tough, unfair to some, and even unpopular. In order to do the right thing for the company, a leader might lose in popularity.

Entrepreneurs are often charismatic individuals and have loyal supporters within their companies due to not only their personality, but also for creating employment and opportunities for individuals. This type of following often converts to loyalty and the Entrepreneurs normally use it to motivate employees.

However if tough decisions are required, the Entrepreneur might no longer remain popular. This could happen if the Entrepreneur fails to make critical decisions when necessary, or does make them negatively affecting people.

Leadership is not always about being popular, but being tough and fair to chart the successful course for the company. If being popular comes with it, that’s great. However, do not make your decisions to be popular.

Entrepreneurs go through day-to-day crisis situations when building their companies while facing economic and governmental uncertainties in the market place.

Each day seems like a fight to survive so you can live for one more. This takes a lot of strain and toll on the Entrepreneurs and key employees. Some cannot bear the pressure and give up. The fighters bravely battle on and their persistence eventually pays off.

While crises face all Entrepreneurs, the ability to not only manage them when they happen, but also to reduce their frequency will allow the Entrepreneurs to “live” instead of “fight.”

Anticipating negative events and potential threats, planning to mitigate them, and implementing warning systems to alert you well in advance of the crisis will allow you to live more and fight less.

One cannot eliminate the occurrence of a crisis, but how well you learn to manage it will reduce the stress and allow you to live freely.